1) On my 850 I attend to the flame trap and its tubings every year or so. Whenever I have opened things up, I have found that a fair amount of oil has accumulated throughout the intake air pathway, like you saw. I clean it just as you did. Evidently lots of oil that blows by or is otherwise pushed out of the crankcase is making its way to the intake system. This is a good thing, since the pressure is at least not going toward damaging oil seals. In my experience this is getting worse as engine accumulate miles. It would also be lots worse if the oil separator becomes blocked (so that liquid oil can't drain by gravity down into the crankcase).
2) In my experience on Volvo and other cars if the oil rebreathing system is not intact (no leaks and no clogs allowed) the engine will perform less than perfectly in one way or another - oil usage, poor idling, stalling, or whatever. Sounds like it would be worth a physical inspection of all the components - as I plan to do soon on mine.
A recent post gave a link to inspection/replacement of oil separator which is described on volvospeed.com.
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